My comments on today's NR1) If HRG's management is following through with its fiduciary duty to all HRG shareholders then why didn't they include a backup plan in today's NR (or any NR for that matter), such as (if TSX delisting occurs) they will ensure the trading of High River shares continue, by applying for a
TSX Venture listing, or even a
CNSX or
NEX listing???? ISN'T THIS WHAT MANAGEMENT LOOKING OUT FOR ALL SHAREHOLDERS WOULD DO?
2) If they keep saying that HRG's current financial condition is a severe risk to company as a TSX listed company and possibly as a going concern (from today's NR: "delist the Corporation's securities due to its current financial condition") theN why hasn't HRG's management moved HRG into bankruptcy protection where its (currently) pledged assets (Detour shares, Bissa, Taparko, etc.) can be sold off to pay down debt and restore the "financial condition of the company???? HRG is a company with a large number of valued gold assets in this US$940 gold price environment. This is proven by just comparing HRG's gold production (and advance exploration projects) relative to HRG's peer groups in its Russian and West African regions.
Again, I don't see how HRG's management is following through with its fiduciary duty to all HRG shareholders.
I can't believe they have gotten away with all this so far. We need the (grouped) legal representatives in place as soon as possible.
IMO, they are trying to get as many people as possible to tender shares over to them in this "take-over bid" phase so they can use those shares later on, and if possible, they are trying to get the entire 90% in this phase to potentially avoid going through a heavy court process in the next phase. IT IS ALSO MY OPINION THAT THEY ARE ALSO BANKING ON MANY MINORITY SHAREHOLDERS TO RUN SCARED AFTER THESE TYPES OF NEW RELEASES. IMO, THEY ARE ALSO COUNTING ON MINORITY SHAREHOLDERS TO HAVE HAVE THE STAYING POWER DURING THIS ENTIRE PROCESS.
Here is part of HRG's NR, just released:
"The Corporation has also been advised by the Toronto Stock Exchange (the "TSX") that its delisting review period has been extended to August 17, 2009 due to the pending take-over bid by Severstal and that in the absence of such take-over bid, the TSX would have determined to delist the Corporation’s securities due to its current financial condition. If the take-over bid is not successful or is otherwise terminated, or the take-over bid does not proceed on the expected timetable, the TSX reserves the right to immediately call a meeting of the Listings Committee to consider abridging the extension and whether to suspend trading in and delist the securities of the Corporation."